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SparkLabs closes $50M fund to back AI startups | TechCrunch

Sep 03, 2024 - news.bensbites.com
Venture capital firm SparkLabs has announced the closure of a new $50 million fund, AIM AI Fund, to back AI startups globally. The fund will support startups from its AIM-X accelerator in Saudi Arabia and other AI startups worldwide. About 35% of the new fund will support accelerator participants, with the remaining 65% targeted at making Series A and Series B investments beyond Saudi Arabia. The average check size for accelerator participants will be $200,000, but it can go up to $500,000 in unique situations, and the Series A and Series B investments will be between $1 million and $5 million.

SparkLabs has already invested in 14 startups, the first batch, via the AI fund. These include viACT, IdeasLab, Ahya, Swirl, Contents.com, Orko, Layla, Roughneck AI, Arctech Innovation, OptimHire, WideBot AI, Orbo AI, Vyrill, and Stack Tech Farm. The firm has more than 14 funds across the globe and two funds in Saudi Arabia and has invested in over 550 startups globally.

Key takeaways:

  • SparkLabs, a venture capital firm known for backing AI startups, has closed a new $50 million fund, AIM AI Fund, to support AI startups globally.
  • The fund will support startups from its AIM-X accelerator in Saudi Arabia and other AI startups worldwide, with 35% of the fund supporting accelerator participants and the remaining 65% for Series A and Series B investments.
  • The firm has already invested in 14 startups, the first batch, via the AI fund, including companies from Hong Kong, New York, Pakistan, India, Italy, Singapore, Germany, San Francisco, London, Riyadh, Mumbai, and Berlin.
  • Despite the global increase in AI startups, the U.S. still leads in founding the most AI startups between 2013 and 2022, with 4,633 startups.
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